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  "documentTitle": "The State of Fashion 2025",
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      "text": "H&M Group and Syre\nH&M Group and Vargas Holding launched Syre, a new venture to scale textile-to-textile polyester recycling in March 2024. Syre is backed by private equity and venture capital firms TPG Rise Climate, Giant Ventures and Norrsken, and closed a $100 million Series A funding round in May 2024.\nH&M secured an off-take agreement with Syre worth $600 million over a seven-year period, covering a significant share of H&M's long-term need for recycled polyester. The objective of this agreement is to rapidly scale the technology. Meanwhile, Syre announced plans to open two large recycling plants in Iberia and Vietnam as part of a broader plan to have 12 production plants at full speed worldwide by 2032.",
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      "text": "Inditex and Ambercycle\nAs part of its effort to reach 25 percent next-gen materials by 2030, Inditex announced a three-year partnership with Ambercycle to help scale its textile-to-textile recycled polyester. The partnership, announced in 2023, includes a purchase commitment whereby Inditex will purchase 70 percent of Ambercycle's production, supporting the company to scale and construct its first commercial factory, which is expected to start production in 2025.",
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      "text": "Brands must de-risk the commercial prospects for new business building.",
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      "text": "Place fewer, bolder investments: Brands should take a more focused approach to backing material innovation, making larger investments that provide start-ups with the capital to scale operations and meet the capacities required for an industry transition.\nDe-risk the commercials: To provide start-ups with the runway needed to scale and become cost-competitive, brands can offer funding options directly, through debt financing for example, or indirectly, signalling clear demand through off-take agreements and multi-year arrangements.\nBuild material-innovation muscle: Brands must develop an in-house understanding of the technicalities and economics of adopting new materials. To do so, they must adjust business processes such as absorbing short-term increases in material costs and managing volumes through phased introduction.",
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      "text": "In recent years, several sustainable-material start-ups have emerged, demonstrating transformative technologies and clear value propositions. But few have succeeded in reaching scale and significantly reducing fashion’s use of emissions-intensive materials.",
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